Year-to-date, the National Bank of Poland (95t) continues to be the largest reported official sector gold buyer, almost double the purchases of the next largest buyer, Kazakhstan (49t) (Chart 3).

Central banks bought a net 53t in October, 36% higher m/m and the largest monthly net demand y-t-d. A familiar set of buyers – led by a resurgent National Bank of Poland – drove the gains. Total y‑t‑d ...